Quarterly report [Sections 13 or 15(d)]

Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes (Tables)

v3.26.1
Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Company's Mortgage Notes Payable and Credit Facility
Our mortgage notes payable, Credit Facility, and senior unsecured notes as of March 31, 2026 and December 31, 2025 are summarized below (dollars in thousands):

Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at
March 31, 2026 March 31, 2026 December 31, 2025 March 31, 2026 March 31, 2026
Mortgage and other secured loans:
Fixed rate mortgage loans 42  $ 247,220  $ 251,578  (1) (2)
Premiums and discounts, net —  29  19  N/A N/A
Deferred financing costs, mortgage loans, net —  (1,258) (1,404) N/A N/A
Total mortgage notes payable, net 42  $ 245,991  $ 250,193  (4)
Variable rate revolving credit facility —  (6) $ 34,270  $ 37,370 
SOFR + 1.60%
 (3) 10/10/2029
Total revolver —  $ 34,270  $ 37,370 
Variable rate term loan facility A —  (6) $ 125,000  $ 125,000 
SOFR + 1.55%
 (3) 10/10/2029
Variable rate term loan facility B —  (6) 143,333  143,333 
SOFR + 1.55%
 (3) 2/15/2030
Variable rate term loan facility C —  (6) 131,667  131,667 
SOFR + 1.55%
 (3) 2/18/2028
Deferred financing costs, term loan facility —  (2,126) (2,298) N/A N/A
Total term loan, net N/A $ 397,874  $ 397,702 
Senior unsecured notes 2029 —  $ 75,000  $ 75,000  6.47% 12/18/2029
Senior unsecured notes 2030 —  85,000  85,000  5.99% 12/15/2030
Deferred financing costs, senior unsecured notes —  (1,750) (1,799) N/A N/A
Total senior unsecured notes, net N/A $ 158,250  $ 158,201 
Total mortgage notes payable, credit facility, and senior unsecured notes 42  $ 836,385  $ 843,466  (5)

(1)As of March 31, 2026, interest rates on our fixed rate mortgage notes payable varied from 2.80% to 6.10%.
(2)As of March 31, 2026, we had 36 mortgage notes payable with maturity dates ranging from October 5, 2026 through August 1, 2037.
(3)As of March 31, 2026, the Secured Overnight Financing Rate (“SOFR”) was approximately 3.68%.
(4)The weighted average interest rate on the mortgage notes outstanding as of March 31, 2026 was approximately 4.20%.
(5)The weighted average interest rate on all debt outstanding as of March 31, 2026 was approximately 5.12%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 108 unencumbered properties as of March 31, 2026.
N/A - Not Applicable
Schedule of Long-Term Mortgages
During the three months ended March 31, 2026, we repaid two mortgages, collateralized by two properties, which is summarized in the table below (dollars in thousands):

Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ 1,512  6.58%
Schedule of Principal Payments of Mortgage Notes Payable
Scheduled principal payments of mortgage notes payable for the nine months ending December 31, 2026, and each of the five succeeding fiscal years and thereafter, are as follows (dollars in thousands):
 
Year Scheduled Principal Payments
Nine Months Ending December 31, 2026 $ 23,658 
2027 102,710 
2028 37,415 
2029 34,920 
2030 33,528 
2031 4,573 
Thereafter 10,416 
Total $ 247,220  (1)

(1)This figure does not include $29,048 of premiums and (discounts), net, and $1.3 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets.
Schedule of Interest Rate Caps and Swaps The following table summarizes our interest rate swaps at March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026 December 31, 2025
Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability
$ 626,226  $ 4,581  $ (314) $ 627,097  $ 3,130  $ (1,532)
Schedule of Impact of Derivative Instruments and Information Regarding Derivative Instruments
The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands):

Amount of loss, net, recognized in Comprehensive Income
Three Months Ended March 31,
2026 2025
Derivatives in cash flow hedging relationships
Interest rate swaps $ 2,727  $ (4,016)
Total $ 2,727  $ (4,016)

The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the condensed consolidated financial statements (dollars in thousands):

Amount reclassified out of Accumulated Other Comprehensive Income
Three Months Ended March 31,
2026 2025
Interest rate caps $ (13) $ 15 
Total $ (13) $ 15 
The following table sets forth certain information regarding our derivative instruments (dollars in thousands):

Asset (Liability) Derivatives Fair Value at
Derivatives Designated as Hedging Instruments Balance Sheet Location March 31, 2026 December 31, 2025
Interest rate swaps Other assets $ 4,581  $ 3,130 
Interest rate swaps Other liabilities (314) (1,532)
Total derivative liabilities, net $ 4,267  $ 1,598